Victor Ugochukwu · Oct 22, 2020 . 5min read
Libra’s Co-Founder Morgan Beller Leaves Facebook to Join NFX
Libra digital currency project co-founder Morgan Beller leaves Facebook in an attempt to go back to her venture capital roots.
By Komal Joshi · Sep 24, 2020 . 6min read
Earlier today it was known that the co-founder of Facebook’s libra digital currency and Novi payments wallet had left the company before issuing technology. According to a blog post, a co-creator of the proposed Libra digital currency, Morgan Beller, leaves Facebook to become a general partner with the early stage startup-focused VC firm NFX.
Morgan Beller helped Facebook venture into Cryptocurrency?
Morgan Beller joined Facebook, examining cryptocurrency technology to promote the social media giant join the crypto space. She developed Libra and Facebook’s Novi wallet for the libra network with Facebook Vice presidents David Marcus and Kevin Weil. After entering Facebook’s corporate development team in 2017, Beller immediately shifted her attention to the potential of what Facebook and its users could do with blockchain technology. Those in the blockchain community credited Beller as the original driving force behind Facebook’s push into cryptocurrency. Nevertheless, Morgan Beller leaves Facebook and Libra team to be more involved in early-stage companies and projects. However, she intends to stay as an advisor at Novi.
Libra Developing its Team
Libra has been growing its team in 2020. Recently it hired James Emmett, former HSBC Europe CEO, as managing director of Libra Networks. He will direct Libra’s operating subsidiary tasked with managing and developing the project’s crypto payments system. However, in May, it hired Stuart Levey, HSBC’s former chief legal officer, as its CEO to lead the association overseeing the project. Additionally, Levey was the first Undersecretary for financial and terrorism intelligence at the U.S Department of Treasury.
Facebook presumed to launch Libra and Calibra, now called Novi, in the first half of 2020. It unveiled an enthusiastic vision of an autonomous, decentralized organization to handle the project and an easy-to-transfer, borderless means of exchange. Further, Facebook assures that the Libra payment system will be available to anyone with an entry-level mobile and data connectivity. Additionally, Libra coins will drive support from a reserve of assets made up of cash and short-term government securities. However, the project confronts tough competition from CBDCs issued by central banks and other stablecoins. Moreover, central bankers worldwide have also announced alerts to the social giant over its digital currency ambitions.
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Komal Joshi · Oct 22, 2020 . 5min read